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Fan Yang

AUD/USD - I think There is Still More Downside Under 0.67

Australian Dollar has been in a bear run since at least early 2018 when $AUDUSD retreated from a resistance around 0.8160. It is now trading under 0.68, but I think there is more downside.

AUD/USD Daily Chart

(click to enlarge)

Bears in Charge:
- When we look at the daily chart, we see a persistently bearish market. 
- Lowers highs and lower lows, price trading under the moving averages, and the RSI holding under 60, are all signs that bears are still in control.
- In August price held above 0.67 and went for a run towards 0.69. However, the pair is now retreating sharply after failing to break 0.69. 
- I think we might start seeing a bearish continuation development to challenge the 0.67 support.
- To me, with AUD/USD under 0.70, there could be downside towards 0.60-0.6050 area, which was the lows from 2008. 
- A break back above 0.70 would be needed to convince me of a possible recovery in AUD/USD. Even then I would like to see some confirmation of price holding above 0.6825 area before gaining confidence of the bullish scenario.
- For now, I still rather fade rallies.

AUD/USD Weekly Chart

(click to enlarge)

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